Alexander & Baldwin (NYSE:ALEX) Given New $24.00 Price Target at Piper Sandler

Alexander & Baldwin (NYSE:ALEX) had its target price upped by Piper Sandler from $23.00 to $24.00 in a report issued on Friday morning,Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

ALEX has been the subject of a number of other research reports. StockNews.com raised shares of Alexander & Baldwin from a “hold” rating to a “buy” rating in a research note on Thursday, February 6th. JMP Securities reissued a “market perform” rating on shares of Alexander & Baldwin in a research note on Monday, January 6th.

Alexander & Baldwin Stock Performance

Alexander & Baldwin stock opened at $18.06 on Friday. The company has a 50 day moving average price of $17.68 and a 200-day moving average price of $18.65. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.35 and a current ratio of 0.35. Alexander & Baldwin has a fifty-two week low of $15.53 and a fifty-two week high of $20.30. The company has a market capitalization of $1.31 billion, a PE ratio of 29.12 and a beta of 1.29.

Alexander & Baldwin (NYSE:ALEX) last issued its quarterly earnings data on Thursday, February 27th. The financial services provider reported $0.30 EPS for the quarter, topping analysts’ consensus estimates of $0.15 by $0.15. The company had revenue of $62.45 million during the quarter, compared to the consensus estimate of $49.68 million. Alexander & Baldwin had a net margin of 19.64% and a return on equity of 5.93%. As a group, equities analysts forecast that Alexander & Baldwin will post 1.35 earnings per share for the current year.

Alexander & Baldwin Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 7th. Shareholders of record on Friday, March 14th will be issued a $0.225 dividend. This is a positive change from Alexander & Baldwin’s previous quarterly dividend of $0.22. This represents a $0.90 annualized dividend and a yield of 4.98%. The ex-dividend date is Friday, March 14th. Alexander & Baldwin’s payout ratio is currently 145.16%.

Hedge Funds Weigh In On Alexander & Baldwin

Several institutional investors and hedge funds have recently bought and sold shares of ALEX. Point72 Asia Singapore Pte. Ltd. grew its holdings in shares of Alexander & Baldwin by 19.9% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 3,447 shares of the financial services provider’s stock valued at $66,000 after buying an additional 572 shares during the last quarter. Bank of Montreal Can grew its holdings in shares of Alexander & Baldwin by 2.3% during the fourth quarter. Bank of Montreal Can now owns 27,594 shares of the financial services provider’s stock valued at $490,000 after buying an additional 615 shares during the last quarter. Kestra Private Wealth Services LLC grew its holdings in shares of Alexander & Baldwin by 2.0% during the fourth quarter. Kestra Private Wealth Services LLC now owns 33,607 shares of the financial services provider’s stock valued at $596,000 after buying an additional 648 shares during the last quarter. Oppenheimer Asset Management Inc. grew its holdings in shares of Alexander & Baldwin by 5.2% during the third quarter. Oppenheimer Asset Management Inc. now owns 13,732 shares of the financial services provider’s stock valued at $264,000 after buying an additional 683 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Alexander & Baldwin by 34.8% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,818 shares of the financial services provider’s stock valued at $54,000 after buying an additional 727 shares during the last quarter. 91.29% of the stock is owned by hedge funds and other institutional investors.

Alexander & Baldwin Company Profile

Alexander & Baldwin, Inc engages in the real estate business. It operates through the Commercial Real Estate and Land Operations segments. The Commercial Real Estate segment includes investments and acquisitions, construction and development, and in-house leasing and property management. The Land Operations segment consists of legacy landholdings, assets, and liabilities subject to the company’s simplification and monetization effort.